Jay Zigmont's Blog, page 11

How Do Capital Gains Work?

As we've already covered, Americans have to pay a lot of different types of taxes. This includes capital gains taxes, which are owed on something you've bought and then sold later at a profit. This includes anything you've invested in, like a home purchase or stocks that have gained in value.

Childfree Wealth Podcast Ep. 18: Exploring the Differences Between Financial Independence and Retirement

As childfree individuals, instead of following the Standard Life Plan, we have the option to choose a different path. Instead of pursuing retirement we can pursue FILE or Financial Independence Live Early as an alternative. We'll delve into what FI or Financial Independence means and how it can be achieved prior to the typical retirement age of 65.

How Do Income Taxes Work?

As the old saying goes, the only sure things in life are death and taxes. This goes for everyone, even the Childfree community. If you're a U.S. citizen, you are taxed on your worldwide earnings. This means that even if you're a citizen who lives elsewhere, you still owe U.S. income taxes on every cent you make. Income taxes are the most expensive taxes Americans pay. And you have to file income taxes every year, even though the Internal Revenue Service (IRS) has all of your information anyway, ...

Childfree Wealth Podcast Ep. 16: Unlearning the Standard Life Plan with Katy Seppi

In this episode of Childfree Wealth Podcast, hosted by Dr. Jay Zigmont, PhD, CFP, invites special guest Katy Seppi, founder of The Childless Collective, to discuss the societal pressure to follow the standard life plan of going to college, getting married, buying a house, having kids, retiring, and passing on assets to the next generation.Katy shares her experience of growing up in a Mormon community, where having children was expected and considered a crucial aspect of life. She discusses her...

How Do Taxes Work for Childfree People?

Taxes are often a hot topic for the Childfree community. Why is this? It's common to hear about parents who seem to barely pay taxes at all, by virtue of having children and qualifying for child tax credits, while many Childfree people are already claiming zero on their W-4 form and still owing taxes every year. While it may sting to hear about $3,500 tax credits per child, remember that this doesn't come close to covering all expenses of raising a child. In August 2022, the Wall Street Journal ...

Childfree Wealth Podcast Ep. 15: Childfree vs. Childless with Katy Seppi

Welcome to the Childfree Wealth Podcast, hosted by Dr. Jay Zigmont, PhD, CFP®. In this episode, Dr. Jay engages in a thought-provoking conversation with Katy Seppi, the founder of The Childless Collective, a community for women & non-binary individuals dedicated to fostering friendship, connection, healing, hangouts, conversation, and inspiration among childless individuals.During the podcast, Dr. Jay and Katy delve into the nuances and terminology between being childfree & childless. They ex...

Childfree Wealth Podcast Ep. 14: Silicon Valley Bank & Protecting Your Money

Welcome to Childfree Wealth Podcast, where we talk about financial planning for those who have chosen to live a childfree life. In this episode, we're discussing the recent Silicon Valley Bank bank run and what it means for your finances. Our hosts, Bri Conn and Dr. Jay Zigmont, CFP®, will be sharing their insights and tips on how to protect your wealth in uncertain times.The Silicon Valley Bank bank run was a wake-up call for many individuals, as they saw how quickly things can go wrong in th...

Childfree Wealth Podcast Ep. 13: Meet the New Co-Host

Welcome to the Childfree Wealth Podcast, where we talk about all things personal finance and being Childfree! We are excited to introduce our new co-host, Bri Conn, who brings a fresh perspective and a wealth of knowledge to the table.Bri is a marketer by trade, but she's currently working towards becoming a Certified Financial Planner. Her passion for personal finance and helping others achieve their financial goals is evident in everything she does.When Bri isn't working or studying, you c...

Using the Financial Planning Pyramid to Grow… or to Just Get Started!

What is so helpful about the Financial Planning Pyramid is that it offers a framework to gradually build a solid financial structure. You can work your way, brick by brick, toward building the full pyramid. Each of the bricks involves a few considerations.

Fourth Meeting with a CFP® - Benefits and Budgeting

Dr Jay sits down with Anna and Grant to do talk about open enrollment, health care benefits and budgeting.